Bank of America’s Solid Quarter, BNY Mellon Beats Estimates, and 3 More Hot Stocks
Bank of America Corp. (NYSE:BAC): Bank of America has reported EPS of $0.20, beating projections by $0.01, though revenue of $21.74 billion missed by $0.37 billion. Net interest income of $10.5 billion beat the $10.2 billion from a year ago. Non-interest income of $11.3 billion rose as well from $10.5 billion. Provisions for credit losses fell dramatically to $296 million from $1.8 billion in the year-ago period.
Bank of New York Mellon (NYSE:BK): EPS of $0.60 beat estimates by $0.02, while revenues of $3.76 billion also surpassed projections by $0.01 billion. Assets under management rose 13 percent year-over-year. Investment management fees also rose by 5 percent over the same period last year. The bank managed a return on tangible common equity of 21 percent.
Mattel, Inc. (NASDAQ:MAT): Shares are up as the company reports EPS of $1.16, beating by $0.04, and revenue of $2.21 billion, beating by $0.02 billion. The Barbie division grew 3 percent, Hot Wheels fell by 2 percent, and Fisher-Price lay flat. American Girl led the charge, up 20 percent over last year. North American sales rose 3 percent, while international sales gained 9 percent.
U.S. Bancorp (NYSE:USB): As the drama in Washington pushes a surge of deposits into its accounts, U.S. Bancorp reports EPS of $0.76, in-line with expectations, though revenue of $4.89 billion missed by $0.09 billion. The deposits are “not a huge issue, but is likely to cause net interest margin to be a basis point or two lower in the fourth quarter than it otherwise would have been,” Seeking Alpha reports, adding that the trend was not beneficial for U.S. Bancorp, as year-over-year revenue growth showed a decline of 5.6 percent in the third quarter versus a 2.4 percent decline in the second quarter, a 1.1 percent decline in the first quarter, and an 8 percent gain last year in the third quarter.
Amarin Corp. (NASDAQ:AMRN): The Nasdaq has put a trading halt on shares of Amarin with a meeting of an FDA advisory committee about to take place that will discuss expanding the approval for the company’s triglyceride Vascepa drug. Though the treatment was approved last year, Amarin is now seeking authorization for using the drug in people with high triglyceride and heart disease who are already receiving a statin drug to try to lower their cholesterol.